Two Way Hard Three | Las Vegas Casino & Design Blog

July 12, 2006

Interview With Station's CFO

Posted by detroit1051

The July issue of CFO Magazine has an interview with Glenn Christenson, CFO of Station Casinos. It can be read at the link below. Two interesting quotes are:

"Back in 1997, the Nevada legislature passed Senate Bill 208, which limits where these local properties can be built. There are only a few sites that can be developed as casino properties, and we control the majority of them. In fact, we own more gaming-entitled nondeveloped land in Las Vegas than any other company. And there is no way that anyone can duplicate that."

""Eighty-seven percent of our cash flows come from slots. So we are very much oriented toward our casino floors, which is one reason we are able to give [earnings] guidance. We have guidance out there for 2007; no other gaming company is doing that. Hotel rooms and table games are very volatile. And on the Strip, hotel cash flows make up about 40 percent of the total; table games about 12 to 15 percent. Consequently, the Strip companies are not able to give guidance out anywhere near as far as we can."

Interview With Glenn Christenson, Station Casinos


Read archived comments (1 so far)
July 13, 2006 5:03 AM Posted by mike_ch

I'm not suprised that "there are only a few sites that can be developed," I'm suprised how many of them seem to be dotted along the path of the 215 freeway. Just something to make you go "hmm."

Station is just something I'm mixed on. Their casinos aren't too bad (especially GVR and Red Rock aka RRResort) but I personally have difficulty enjoying most of them because RRR is the first one that has decent circulation and doesn't feel like I'm gambling in K-Mart (booming Jumbo Jackpot announcement, "Joe Blow your Texas Hold-'Em table is ready," etc.) The others have varying levels of tackyness and smell like a 30 year old ashtray.

They also made themselves look like they have total boobs running the place with their Discovery Channel docu-drama (which everyone liked of the casino reality show trio because it was the only one where the people seemed to be really that foolish and not totally scripted,) and the little "hmm"-inspiring things leave me unconvinced that they won't one day be found caught in the NV Corrupt Public Official game.

Overall, I don't mind gambling there, but I wouldn't invest in them or anything.